NORA to auction 65 properties across New Orleans

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More than 65 former Road Home and New Orleans Redevelopment Authority-owned properties will be up for auction next month in an attempt to put these residential properties back into commerce throughout the city.

The online-only auction will begin June 13 at 8 a.m. and end between noon and 8 p.m. on June 14. All interested bidders are encouraged to pre-register as well as to view information on all available properties on the auction website at hilcorealestate.com/NORA.

NORA Chief Operating Officer Brenda Breaux said the properties are a mix of derelict structures and vacant lots, mostly located in eastern New Orleans and Central City. She added that most of these properties are selected based on NORA’s market value analysis of where redevelopment will most likely occur in the city.

Around 14 structures will be open for inspection on June 4 between 11 a.m. and 1 p.m. There will also be a buyer’s seminar at the Dryades YMCA at 2220 Oretha Castle Haley Blvd. on June 2 at 7 p.m. Registration begins at 6:30 p.m.

All bidders are required to wire-transfer, overnight, hand deliver or use a credit card on an initial deposit of $2,500 on each property on which they are bidding. The winning bidders will have their deposits applied to the earnest money deposit. If a bid is not accepted, the deposit will be refunded following the auction within seven business days.

Winning bidders must increase their deposit to 10 percent of the bid price and be ready to close on the property within 30 days following the auction. Winners must also agree to either rehab the existing structure or begin construction of a new house within a year.

NORA held its first online-only auction in 2015. Breaux said there were around 160 bidders and more than 1,900 bids last year.

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